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File income tax for past years?

  1. Jan 17, 2013 #1
    I have a W-2 from 2007 which I never filed for an income tax refund... is it still possible to file this?
     
  2. jcsd
  3. Jan 17, 2013 #2
  4. Jan 17, 2013 #3

    Vanadium 50

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    If this will decrease your tax liability (i.e. you will get a refund) it is too late. You have three years. If this will increase your tax liability, you need a tax professional pronto.
     
  5. Jan 17, 2013 #4

    russ_watters

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    Even if it would reduce your tax liability, the penalty of not filing for three years may mean you owe. Either way, you're better off filing: The IRS is slow, but they'll eventually get you.
     
  6. Jan 18, 2013 #5
    I agree with Russ. You can only evade the IRS for so long. Eventually they will want their money and you'll likely pay stiff interest penalties. Best to call up a CPA and find out what your options are.
     
  7. Jan 18, 2013 #6

    Evo

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    If you live or work in a state with state tax, definitely seek advice, even if you don't owe the IRS, you may still owe state tax, and I hear the state tax auditors make the IRS look like your best friend.
     
  8. Jan 18, 2013 #7
    I wouldn't owe them anything, but thanks for the advice. I was a dependent at the time, and I'm the one owed money, but I guess it's too late for that. Silly 17 year old me. :)
     
  9. Jan 19, 2013 #8

    Borg

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    If you were claimed as a dependant on your parent's return, you couldn't file separately anyway.
     
  10. Jan 19, 2013 #9
    This is not correct. He could file, he just couldn't claim himself as a dependent.
     
  11. Jan 19, 2013 #10

    Borg

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    Oops. :blushing:
     
  12. Jan 19, 2013 #11
    You needn't be embarrassed, it's a common misspelling.
     
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